Clubs refuse to bail out debt-ridden Portsmouth

Portsmouth owner Balram Chainrai has been told at a meeting with Premier League officials that they cannot bail out the financially-stricken club.

Chainrai and his representatives met Premier League chief executive Richard Scudamore and general secretary Mike Foster yesterday and revealed to them the club is likely to go into administration tomorrow.

Scudamore explained the situation in terms of the cash Portsmouth will receive this season and, as now seems certain, if they are relegated.

A further payment of £5m from television money will become available before the end of the season and, following relegation, parachute payments of £16m per year for two years.

Chainrai's spokesman, Phil Hall, said: "We had a very cordial meeting to explore all possibilities and any help the Premier League might give Portsmouth FC going forward."

The Premier League officials also told Chainrai they could not advance the club any money ahead of the due payment date.

Chainrai has served notice the club will go into administration, unless a buyer comes forward tomorrow, in order to avoid Monday's winding-up hearing at the High Court.

Meanwhile, Pompey chief executive Peter Storrie has confirmed he has already been in talks with an administrator – and that he is prepared to take a substantial pay cut. Storrie is one of the highest-paid chief executives in the Premier League, with an annual salary believed to be at least £1.2m.

Storrie said: "I have already spoken to the administrator and he wants to keep things settled, which means me staying on. I will work with him and I believe he wants me to help him sell the club to the right person.

"There will be cuts at all levels. That's something for the administrator to do to make sure the club keeps going. I will be taking a big cut as well.

"I've seen salary figures of £1.4m bandied around for me but my basic salary is less than half of what has been reported. The rest of it has been a bonus given by [former owner] Sacha Gaydamak every year. That's in recognition of me keeping the club going for him by selling players. But I am prepared to cut my basic [pay] quite substantially."

One possible big loser from the club going into administration is Gaydamak, who says he is still owed £30m.

Some fans have blamed Storrie and former manager Harry Redknapp for overspending on players and wages, but the Tottenham manager said: "It never entered my mind when I was there, that there would be problems. The club was run well."

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Kate Bush, Hammersmith Apollo music review: A preamble, then a coup de théâtre - and suddenly the long wait felt worth it

Kate Bush shows a voice untroubled by time

A preamble, then a coup de théâtre - and suddenly the long wait felt worth it
Robot sheepdog technology could be used to save people from burning buildings

The science of herding is cracked

Mathematical model would allow robots to be programmed to control crowds and save people from burning buildings
Tyrant: Is the world ready for a Middle Eastern 'Dallas'?

This tyrant doesn’t rule

It’s billed as a Middle Eastern ‘Dallas’, so why does Fox’s new drama have a white British star?
Rachael Lander interview: From strung out to playing strings

From strung out to playing strings

Award-winning cellist Rachael Lander’s career was almost destroyed by the alcohol she drank to fight stage fright. Now she’s playing with Elbow and Ellie Goulding
The science of saturated fat: A big fat surprise about nutrition?

A big fat surprise about nutrition?

The science linking saturated fats to heart disease and other health issues has never been sound. Nina Teicholz looks at how governments started advising incorrectly on diets
Emmys 2014 review: Can they genuinely compete with the Oscars

Can they genuinely compete with the Oscars?

The recent Emmy Awards are certainly glamorous, but they can't beat their movie cousins
On the road to nowhere: A Routemaster trip to remember

On the road to nowhere

A Routemaster trip to remember
Hotel India: Mumbai's Taj Mahal Palace leaves its darker days behind

Hotel India

Mumbai's Taj Mahal Palace leaves its darker days behind
10 best pencil cases

Back to school: 10 best pencil cases

Whether it’s their first day at school, uni or a new project, treat the student in your life to some smart stationery
Arsenal vs Besiktas Champions League qualifier: Gunners know battle with Turks is a season-defining fixture

Arsenal know battle with Besiktas is a season-defining fixture

Arsene Wenger admits his below-strength side will have to improve on last week’s show to pass tough test
Pete Jenson: Athletic Bilbao’s locals-only transfer policy shows success does not need to be bought

Pete Jenson: A Different League

Athletic Bilbao’s locals-only transfer policy shows success does not need to be bought
This guitar riff has been voted greatest of all time

The Greatest Guitar Riff of all time

Whole Lotta Votes from Radio 2 listeners
Britain’s superstar ballerina

Britain’s superstar ballerina

Alicia Markova danced... every night of the week and twice on Saturdays
Berlin's Furrie invasion

Berlin's Furrie invasion

2000 fans attended Eurofeurence
‘It was a tidal wave of terror’

‘It was a tidal wave of terror’

Driven to the edge by postpartum psychosis